Seemingly on a rail, VIX’s bump took it only to the top of the falling red channel in place for over a month.

A failure to break out means ES can top its 361.8 Fib extension and reach its IH&S targets. continued for members…The bigger picture shows a conflict between the top of the falling white channel, the SMA200, and a backtest of the rising white channel.

SPX’s backtest picture is muddier only because its rising channel never was that precise.

COMP has already reached its backtest and is seemingly done if it’s going to reverse at all.

The currency picture is also extremely supportive of stocks thanks to EURUSD’s breakout and DXY’s breakdown.  But, EURUSD is running into overhead resistance at its .786 channel line and SMA200. And, DXY is running into support at its SMA200 along with white and red channel backtests. As EURUSD’s influence peters out, though, USDJPY is positioning itself for a potential bounce.While SI has potentially run out of steam at its SMA200…

…GC isn’t quite there yet.  My sense is that we’ll get a vicious leg down into January.  BTC’s woes continue.

RB and CL continue to coil, riding little rising TLs but not really breaking out. This makes TNX more of a crap shoot. It has broken below the rising purple TL and could fall to the bottom of the purple channel if CPI continues to decline – especially if stocks hit a downdraft.Stay tuned…